Exxon Mobil in talks to buy Pioneer Natural Resources - report

(Sharecast News) - US petroleum giant Exxon Mobil was said to be in advanced discussions to snap up Permian shale basin producer Pioneer Natural Resources in a deal valued at roughly $60.0bn. According to Reuters, citing people familiar with the matter, an agreement between the pair may well be struck in the coming days.

The acquisition would mark Exxon's biggest purchase since dropping $81.0bn for Mobil all the way back in 1998 and would potentially expand its footprint further into one of the United States' most profitable regions.

Exxon produced about 620,000 barrels of oil equivalent per day in the Permian basin during Q2, a figure that was easily beaten by Pioneer's 711,000 barrel output over the same period.

The potential deal will also likely draw an amount of political and regulatory scrutiny, given that the White House accused Exxon of achieving record profits at the expense of consumers back in February.

As of 1200 BST, Exxon shares were down 1.73% in pre-market trading at $107.10 each.

Reporting by Iain Gilbert at Sharecast.com